Toronto condo rents downtown, per person, are up to Palo Alto levels, without the Palo Alto incomes. I always had hope for the city to be the next Palo Alto, but they are doing everything to stop this, mainly by attacking Uber and making things unfriendly for bright young people.
I am astounded by my son's condo security for letting in two armed gangs, and the fact that they could have a shoot-out at the OK Corral on a floor hallway without anybody calling the police. That's because the place is deserted. When I first saw condos going up twenty years ago, the speculators rented them out to students. The profits were so huge, they could afford the wear and tear on the appliances, and the condo fees.
Now, it's hardly worth it to rent out, and they must get a break on condo fees if it is officially moth-balled. Since hardly anybody lives there, the security gets sleepy. The crash will come when people realize that nobody will ever live in those buildings. A few more gang wars and the renters will flee.
I don't know what to do about the hot money that flowed into Toronto to make it unaffordable, but at least don't kill Uber. Only the young will brave the gang wars.